May 2024 median SFR sales price pulls back; Condo prices surge; Inventory rises across all segments
SFRs
May 2024’s SFR sales came in at 9 homes sold—one more than number of homes sold in April, and unchanged year-over-year.
May’s median sales price for SFRs pulled back to $3,050,000—a 21.6% month-over-month decrease; however, a 20.8% year-over-year increase.
The median list price for SFR homes in May 2024 was $2,995,500, yielding a sold-to-list price ratio of 101.8%.
May’s median DOM (days on market) came in at 32 days on market. For comparison, May 2023’s median DOM was 49 days.
Available inventory surged to 80 SFRs for sale. This is up 23 SFR units over April’s inventory number, and is up 18 SFR units year-over-year.
May’s MSI (months supply of inventory) currently sits at 8.9 MSI. This MSI indicates a “Buyers Market”, which is typically defined as an MSI of more than 7 months.
Pending sales currently sit at 10 listings — unchanged from this time last month, and four fewer than the number of Pendings this time last year.
Condo/Townhomes
Looking at the condo/townhome market, 9 condos/townhomes were sold in May. This number is down 25.0% from April’s 12 condo/townhome sales, and also down 25.0% compared to May of the previous year.
The median sales price for condos/townhomes surged in May—rising to $1,330,000. That number represents a 27.7% increase over April’s condo median; as well as, up a whopping 52.9% increase year-over-year.
The median list price for condo/townhomes in May 2024 was $1,350,000—resulting in a sold-to-list price ratio of 98.5%.
May’s median DOM (days on market) decreased to 37 DOM for the month. For comparison, May 2023’s median DOM was a 77 days.
Available inventory sits at 49 condo/townhomes for sale. Fourteen more units than time last month. Year-over-year, the condo/townhome available inventory is up 15 additional units—or up 44.1%.
May’s MSI (months supply of inventory) currently sits at 5.4 MSI—indicative of a “balanced” market.
Pending sales currently sit at 12 listings—three more than this time last month; and up 50.0% year-over-year.
As the market heads into the warmer months, the notable rise in inventory alongside the dynamic shifts in the median sales prices across SFRs and condos suggests evolving opportunities for both buyers and sellers in Incline Village and Crystal Bay. With the market tilting towards more balance and even edging into buyer’s market territory for SFRs, potential investors and homebuyers might find this an opportune time to consider their options. As always, staying updated on these trends will be key to making informed real estate decisions.
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Data courtesy of the Incline Village REALTORS® – June 6, 2024. Note: This information is deemed reliable, but not guaranteed.
